The Quantum Upgrade in the Retail Sector
Move Over Elves - Quantum Computers Are Santa’s Little Helpers Now!
Quantum computing may be the perfect gift for retailers - especially during their busiest time of the year. Christmas is the season of giving, but when consumerism is at its peak, retailers often find themselves struggling to keep up with demand.
So where do quantum computers come in?
When orders are flying high, it can be quite taxing on traditional computers. Errors happen, which ultimately leads to frustrated customers. However, quantum computers are designed to process a lot of data in no time at all, and with more precision. That means a whole lot less frustration over the Christmas period, for staff and customers alike.
Consumerism Predictions
But that’s not all it can do for retailers. Quantum computers are already being used in predicting outcomes, and the same can be applied for retailers. Ultimately, the aim of the game is to sell, so understanding customers’ behaviours may just be the missing ingredient - shops can stock up on the items they predict customers will want the most, before customers even know they want them. This use of quantum computers is something that the hospitality sector has also been looking into - check out this blog to learn more about how hotels have put it into action.
Retail Under Fire
A recent report by SonicWall showed that the retail sector has been a prime target for cyber criminals over the last year, with a 264% rise in ransomware attacks on ecommerce businesses.
That’s not all, though - the same report revealed that 97.1 million cryptojacking attacks had taken place in 2021, with a 33% rise across the retail sector. This is when a device (phone, laptop etc) is hijacked to illegally mine cryptocurrencies, often without the user knowing a thing.
Retailers are particularly vulnerable to an onslaught of cyber attacks because of the customer data they store. In 2018, the fashion outlet Forever 21 was targeted, and over the course of 7 months, hackers were able to access and steal the credit card details of multiple customers. Although it was never disclosed how many were affected (and indeed how much was stolen), Forever21 admitted to not adequately securing its system, and in the end, settled a class action lawsuit.
Seeking a Solution
Quantum computers could do a lot for retailers - but it could also do a lot for their security, too. There are lots of companies already exploring the benefits of quantum tech for cybersecurity - including KETS and Arqit.
KETS has designed a solution that’s capable of detecting attacks of all sorts, even the quantum kind. Utilising QKD (quantum key distribution) technology, their chip can be easily deployed and used in devices to encrypt communications and protect data. Arqit has also created its own quantum solution, which can be used across cloud channels - QuantumCloud provides simpler but stronger encryption. The team have created their own version of QKD that can withstand even the most powerful of attacks.
The ways in which society consumes are changing all the time, and with new demands and behaviours cropping up, there will soon be a point where current technologies are unable to keep up. And although it will be quite some time until retailers can reap all the benefits of quantum computing, it's nonetheless promising to see what it can offer.